04:32 PM EDT, 05/14/2024 (MT Newswires) -- Aptose Biosciences ( APTO ) reported a lower first quarter net loss as expenses fell.

The company, specializing in developing treatments for blood cancers, reported a net loss of $9.6 million, or $0.73 per diluted share, compared with a net loss of $13.7 million, or $2.22 per diluted share, last year.

Operating expenses fell to $9.8 million, from $14.1 million, the year before. The biggest reduction was in research & development costs, which decreased by $2.4 million to $6.4 million.

The company added that its tuspetinib trials were progressing. A tuspetinib abstract has been accepted for poster presentation at at the European Hematology Association (EHA) 2024 Hybrid Congress in Madrid.

Aptose also said it had received a second Notification Letter from Nasdaq stating that it was not in compliance with listing rules because stockholders' equity as of December 31, 2023, was below the minimum $2.5 million required. Shareholder's equity as of December 31, 2023 was negative $2.9 million. As of March 31, 2024, shareholder's equity is $137,000, positive. Aptose will submit a compliance plan by May 17, to monitor stockholders' equity and, if appropriate, consider further available options to meet the requirement.